Is this the year you make your dreams come true? According to the Institute for Luxury Home Marketing it may be. They recently released their Luxury Market Report that happens to show that in today’s luxury market, buyers steer the ship.
The Institute for Luxury Home Marketing analyzes several metrics which include sales volume, sales price, number of sales, sales-to-list-price rations, days on the market and price-per-square-foot so they can provide a more comprehensive report.
Between December 2017 and January 2018 more single-family luxury home showed up on the market. The luxury single-family (SF) homes market has changed from a “balanced market” to a “buyers’ market” giving buyers more control. The median sold price increased between December and January from $880,000 to $957,500. However, if the inventory of luxury SF homes continues rising this will have an impact on price.
I will note that this report is done for the whole of the U.S. but here are some quick stats on SF luxury homes.
- Buyers’ Market.
- Luxury homes are selling for an average of 96.5% of their list price.
- The median luxury home sale price is $1,382,000.
Attached homes are also be reported in the luxury market as well. Here are some quick stats.
- Attached homes are selling for an average of 98% of their list price.
- The median attached luxury sale price is $957,500.
The closest SF home luxury market that the Institute reported on was Raleigh-Durham, NC. The median list price was $708,220 and the median sold price was $703,500. Inventory was at 839 homes with 205 new listings and days on the market at 22. It is a buyer’s market. There was no reporting for attached luxury homes.
Taking a quick look at Trulia© stats for South Carolina it looks like the luxury area is in Sunset, SC specifically in zip code 29685. UnitedStatesZipCodes.org reports that the largest number of owner occupied homes have values in the $750,000+ price range with most of homes in Sunset being built in the 2000s. It also shows a huge population between 60-64 which may indicate retirees or second home owners. Another graph shows most of the homes in Sunset are for seasonal recreation or occasional use. It is also interesting that the site shows the household retirement income to be pensions/annuities with Social Security ranking second and IRA distributions third.
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